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Why Reddit Stock Is Skyrocketing Today

TheMotleyFool

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Reddit (NYSE: RDDT) stock is surging Friday despite strong bearish pressures shaping the broader market. The company's share price was up 21.1% as of 11:40 a.m. ET. At the same point in the day's trading, the S 500 was down 1.7%, and the Nasdaq Composite had fallen 2.2%.

While the broader market is seeing big sell-offs in response to a weaker-than-expected July jobs report, Reddit is enjoying huge valuation gains on the heels of its recent second-quarter report. In addition to beating sales and earnings targets for the period, the company also issued very strong forward guidance.

Image source: Getty Images.

Source Fool.com

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